Fintech Market Is Expected To Grow At A CAGR Of ~22.70% Over The Next 10 Years

Kenneth Research added a report on Fintech Market into the repository of market research reports. The report includes in-depth analysis on the growth drivers, expansion opportunities, restraints and challenges and the recent trends in the market.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Fintech Market Products.

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According to the data by the World Bank, services attributed to 64.334% of the global gross domestic product (GDP) in 2019, up from 63.823% in 2018. Moreover, the service sector valued at USD 56.748 trillion in 2019. Service sector is the third tier of the three-sector economy. On the other hand, the rapid penetration of internet services, is further estimated to boost the market growth. According to the other World Bank data, 56.727% of the global population is using internet services, up from 49.907% in 2018.

India is one of the fastest-growing fintech markets in the world. As of March 2020, India, alongside China, accounted for the highest fintech adoption rate (87%), out of all the emerging markets in the world. On the other hand, the global average adoption rate stood at 64%. With the burgeoning number of start-ups, the fintech industry in India is attracting increased investments. Initiatives undertaken by the government to drive digitization like demonetization, Jan Dhan Yojana, Aadhaar and Unified Payment Interface (UPI) have further contributed to the growth of the industry.
Market insights:
The fintech market in India was valued at ~INR 1,920.16 Bn in 2019 and is expected to reach ~INR 6,207.41 Bn by 2025, expanding at a compound annual growth rate (CAGR) of ~22.70% during the 2020-2025 period. Increased adoption of the internet and improved digital infrastructure are driving the fintech market in India. However, lack of consumers’ trust on digital modes of payment, and rising threat of cyber and data security are impeding market growth.
Further, the industry is witnessing increased application of artificial intelligence (AI) and Big Data for enhancing personalized offerings. New business models like Neobanks are expected to revolutionize the Indian fintech market.
Segment insights:
Payments, lending, insurtech, wealthtech and banktech are the key operative segments within the fintech market.
The payment segment comprises M-wallets, PPIs, merchant payments, PoS services, international remittance and trading in crypto currencies.
The lending segment includes peer-to-peer lending, crowd funding, loans, online lenders, on-book lending by NBFCs and credit scoring platforms. Insurtech is a niche segment in the Indian fintech ecosystem consisting of insurance aggregators, IoT, wearable and kinematics.
Wealthtech includes robo-advisors, discount brokers and online financial advisors.
The principal function of the banktech segment is to utilize data points like financial transactions and spending patterns to create risk profiles of consumers.
In 2018 and 2019, the payments segment received the highest amount of venture capital investments, followed by the lending and insurtech segments. Wealthtech and banktech are the emerging segments of the industry.
Impact of COVID-19:
As the discretionary spending in the industry has gone down considerably, the number of digital transactions has declined. This has severely hampered cash flow for leading businesses in the country. However, the industry witnessed a ~42% rise in the use of digital payment modes. But purchasing only essential products would not be enough to drive uptake of digital transaction in the Indian fintech ecosystem. Healthcare, bill payments, grocery and food are witnessing rapid digitization, while the entertainment, fashion, travel and tourism industries are at a standstill, thereby reducing transaction volumes in the country and severely affecting the Indian fintech industry.
Competition analysis:
The fintech market in India is highly competitive with incredible growth potential; however, stringent regulatory norms tend to act as significant entry barriers for new players entering the Indian fintech space. The country is growing into a hub for fintech start-ups, and global investors are actively investing in prospective Indian fintech start-ups. In terms of investment, PayTM, Cred, Acko, InCred Finance and BharatPe emerged as the top five fintech players in 2019.
Companies covered:
• ET Money
• ezetap
• Freecharge Payment Technologies Private Limited
• One Mobikwik System Private Limited
• Mswipe Technologies Private Limited
• One97 Communications Limited
• PhonePe Private Limited
• Pine Labs Private Limited
• PolicyBazar.com
• PayU Payments Private Limited

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The Market report answers the following questions:

What is the aim of the report?

• The Fintech Market report presents the estimated market size of Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
• Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
• An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
• The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
• The various parameters accelerating the growth of Market are incorporated in the research report.
• The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

• Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
• The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
• The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

• The report offers detailed analysis of leading companies in the market across the globe.
• It provides details of the major vendors involved in the Market including Key Players
• A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
• The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
• The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

• Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
• The report offers the present scenario and future growth prospects Market in various geographical regions.
• The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
• The SWOT analysis is conducted along with Porter’s Five Force analysis.
• The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.